Commonwealth Bank "have not had a thorough enough identification of compliance obligations", David Cohen, the bank's chief risk officer told the financial services royal commission yesterday. read more

A tiny number of complaints to New Zealand regulators and the Ombudsman compared to the "tidal wave of complaints" in Australia is no reason to be satisfied banks there are meeting customer expectations, a government select committee was told yesterday. read more

ANZ Bank New Zealand Limited has agreed to sell OnePath Life NZ Limited for NZ$700 million to Cigna Corporation, a specialist insurance business. ANZ New Zealand's Investment Management business is not part of the sale. read more

If the Productivity Commission's draft recommendations for overhauling the retirement savings system are implemented, the business case for bank-owned superannuation offerings could wither rather quickly. read more

New Zealand government ministers say they see no evidence in the kiwi banking system of the sort of "systemic problems" that prompted the Hayne royal commission, but they have agreed to meet regularly with the RBNZ and the FMA as the two regulators develop a work programme to better monitor bank conduct and culture and improve transparency in the financial services sector. read more

Commonwealth Bank set out to reduce the commercial property exposure of its Bankwest arm by around one tenth in 2009, but the bank wasn’t seeking any early exit early from loans that were not in default, the financial services royal commission heard yesterday. read more